Readers share their thoughts on saving
Written on September 30, 2008
Venting can be healthy. Today it’s the readers’ turn.
On why many Americans do a poor job of saving:
"Our schools don’t teach basic money management skills. The ‘higher’ math in preparation for college will never be used. We’re better off practicing percentages. Interest and compound interest revolve around percentages. Those who don’t understand interest will pay it all their lives and those who understand compound interest will receive it.
More on interest rates from another reader:
"When people say they are paying ‘only’ 20 percent on their credit cards, they’re really paying 27 percent. That’s 20 percent to the credit card plus 7 percent they could earn a year on that money with diversified investments."
On how many savers find it difficult to spend, and the consequences:
"My wife’s parents saved their earnings from their mom-and-pop grocery store so they’d have something to spend and enjoy after quitting the business fast payday loan no faxing. But my father-in-law passed away before he had much of a chance to enjoy what they’d saved for, and my mother-in-law is in a nursing home.
"We’ve watched as her entire savings are being depleted on the nursing home. Having scrimped and saved during their earning years, she had some savings and other assets and was thus ineligible for Medicaid. She still is ineligible after 2
Filed in: money.